Sanofi: Amlitelimab stopped; More pipeline prune likely with 2Q update; M&A needed

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Sanofi: Amlitelimab stopped; More pipeline prune likely with 2Q update; M&A needed

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Sanofi

Amlitelimab stopped; More pipeline prune

likely with 2Q update; M&A needed

Maintain Rating: NEUTRAL | PO: 92.00 EUR | Price: 76.36 EUR

Amlitelimab stopped; cEur1bn in cons post mixed data 24 July 2026

Sanofi has announced it will not pursue global filings for amlitelimab. While investor Equity

belief in meaningful peak sales had fallen post mixed PIII data (weaker efficacy, some

Sachin Jain, CFA >>

safety issues), with only cEur1bn peak left in cons, the move nevertheless marks a Research Analyst

distinct shift in approach from prior management who had remained committed to the MLI (UK) s.jain@bofa.com

asset. The move likely also suggests further prune of pipeline assets with 2Q results

Charlie Haywood >>

next week, and we would not be surprised to see other pipeline discontinuations of Research Analyst

assets that were previously higher profile (e.g. itepekimab or oral TNF). The move is MLI (UK) charlie.haywood@bofa.com

likely part of a message from new CEO to introduce a new R&D bar (discussed below),

Alexander Moore >>

and possible positive, though in reality we think mid-late stage pipeline remains weak Research Analyst

(limited conviction in FY27 reads discussed below) and needs bolstering through M&A, a MLIalexander.moore2@bofa.com(UK)

key focus for the upcoming call. Sanofi’s is undoubtedly cheap, and a pipeline rebuild Keilah Carbonel-Deere >>

offers upside, though we have low conviction in timing and quality of possible M&A. Research Analyst

MLI (UK)

Key focus for call; new CEO strategy, R&D and M&A keilah.carbonel-deere@bofa.com

The 2Q call will be the first outing for new CEO, Belen Garijo and we expect focus on

“new” strategy or areas of change.